MALTON, England, Feb. 19, 2008 (PRIME NEWSWIRE) -- Propalms, Inc. (Pink Sheets:PRPM) is pleased to announce that the Company generated $1,042,877 in sales transactions for its fiscal year 2007, ending January 31, 2008. The Company increased its sales transactions by 26%, compared to its fiscal year 2006, which generated $826,567 in sales transactions. In fiscal year 2007, Propalms generated over $630,000 in new customer contracts and over $300,000 in maintenance contracts with existing customers.
The growth rate of the Company can be largely attributed to its new customers, which make up 60 percent of Propalms' total sales transactions, and a high renewal rate of existing customers. Propalms' new customers include: Toyota Group (Japan), PricewaterhouseCoopers (Canada), Rexel Senate and Cardinal Hulme School (United Kingdom), Detroit Inland Diesel (U.S.), Lauten Laus (Indonesia), Ibargi Perfecture (Japan), as well as IBM's largest system integrator in Europe.
"The Company's exponential growth in the last year shows that we are becoming a major force in the server-based computing market as we gain new customers and maintain existing customer contracts. We estimate that 2008 will continue on the same growth with the release of our new TSE 6.0 in conjunction with Microsoft's release of Windows 2008," stated Robert Zysblat, President of Propalms, Inc.
Propalms' revenue is made from new license sales, expansion licenses to existing customers, as well as annual renewals of licenses and maintenance contracts. The Company has made the decision to take the conservative approach that complies fully with U.S. GAAP accounting rules. Propalms, Inc.'s accounts are based on revenue recognition in accordance with Software Revenue Recognition SOP 97-2. Revenue is based upon a subscription model and the revenue amount is deferred over the life of the license and maintenance contract.
About Propalms, Inc.:
Propalms TSE, the complete Server-Based Management solution that extends Microsoft Terminal Services 2000/2003, offers features such as Application Publishing, Seamless Windows, Resource-based Load balancing, and Web-based management consoles.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
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